Aboitiz to buy Coke Philippines for $1.8 billionThe proposed acquisition continues the Aboitiz Group’s buying binge, which in recent years has been adding companies and entities to its portfolio including Gold Coin, Citigroup’s consumer banking business in the Philippines and a controlling stake in the company behind the Mactan-Cebu International Airport. MANILA, Philippines — The Aboitiz Group, the Cebu-based conglomerate currently led by Sabin Aboitiz, has partnered with Coca-Cola Europacific Partners PLC (CCEP) to acquire Coca-Cola Beverages Philippines Inc. (CCBPI). AEV’s proposed acquisition of CCBPI with CCEP offers a great opportunity to co-acquire an established, well-run business with attractive profitability and growth prospects, AEV also said. The business would be governed by a board of five members, three appointed by CCEP and two by AEV. AEV is on its so-called great transformation journey to become the Philippines’ first “techglomerate.”

Source: The Star August 02, 2023 18:25 UTC